ServiceNow Falls After Hiring Former EBay CEO As Chief Executive

ServiceNow Inc. dropped in Monday trading after announcing a change at the top, with former eBay Inc. Chief Executive John Donahoe taking over from Frank Slootman. Slootman will move to the chairman role on April 3 after six years as CEO of the cloud-software company to make room for Donahoe. "I am confident that we are making this transition from a position of strength," Slootman said in Monday's announcement. Donahoe left the CEO role at eBay after overseeing the split of PayPal Holdings Inc. into a separate company, and has served as chairman of PayPal since. ServiceNow shares fell as much as 5.3% Monday before settling at a loss of around 4%.